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Advantages and Disadvantages of A Will
A
Will (or Last Will and Testament) is
a legal document containing your written instructions for how your
property/assets will be distributed and how your dependents will be
cared for in your absence. Your assets may consist of bank accounts,
brokerage funds, vehicles, real estate, items of sentimental value, and
other personal property. A
Will , just like any other estate planning tool, has advantages and
disadvantages. Below, I have listed of few advantages and
disadvantages; however, you should always consult your estate planning
attorney to determine the best estate planning options for you. Potential Advantages 1.
A Will is good for individuals and families who do not have assets
that would have to go through the court process called probate, or who
are not concerned with avoiding probate. 2.
A Will is traditionally less expensive to prepare than a trust-based
estate plan. 3.
A Will allows you to appoint a guardian to care for your minor children
until they become adults. Possible
Disadvantages 1.
A Will may not provide sufficient tax planning leaving your estate
and/or beneficiaries to pay hefty federal, and state estate taxes. 2.
A Will may not sufficiently protect your assets from creditors. 3.
A Will must go through probate, which can take anywhere from a few
months to a couple of years; very expensive; and complex. Probate also
lacks privacy, meaning your estate plan will become part of the public
court records that anyone can read, including your Last Will and
Testament, a list of your beneficiaries and assets, and a break down of
who's getting what and how and when they get it. 4.
A Will alone does not make any provisions if you should become
incapacitated. 5.
A Will generally addresses the distribution of the bulk of your assets,
however, there are some assets that are not covered by the instructions
in your Will such as community property, life insurance payouts,
retirement assets, investment accounts that are designated as "transfer
on death," and assets owned jointly by two or more people where the
survivor automatically gains ownership (joint tenants with right of
survivorship). Don't
let the long list of possible disadvantages of Wills discourage you
from estate planning. All of the possible disadvantages listed above
can be addressed with other estate planning tools. |
You’re invited to call or
e-mail. "If you have questions about estate planning, asset protection, assisted reproduction or surrogacy, please send your e-mail today to nicole @ kinseylawgroup.com or call (301) 968-1630." — Nicole
Phone: (301) 968-1630 * Phone: (202) 643-1837 * Fax: (888) 559-8856
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2006 Kinsey Law Group. All Rights Reserved. Kinsey Law
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